One of the possible bidders for fund management consultancy Alpha Financial Markets Consulting PLC (AIM:AFM) has dropped out.
Private equity group Cinven has confirmed that it does not intend to make an offer for Alpha, said a statement from the consultant.
Under Takeover Panel rules that still gives Cinven scope to make an offer but only if the other reported suitor, another private equity group Bridgepoint, firms up its approach or another party steps in.
Alpha said at the start of May it had received a non-binding indicative proposal from Bridgepoint regarding a cash offer for all existing and to-be-issued shares.
This offer is subject to several pre-conditions such as the requirement to complete due diligence.
At that time, Cinven had expressed an interest but not an indicative proposal.
Media reports had suggested financial investor New Mountain Capital was also circling, but this has not been confirmed,
Interested parties have until May 29 to make an offer or walk away.
Alpha Financial has more than 900 consultants around the world.
Shares dropped 8% to 392p.